Case Study – Refinancing
Alexin, LLC, headquartered in Bluffton, Indiana, is a leading aluminum extrusion billet manufacturer. The Company is one of five standalone remelt casthouses currently operating in the United States. Alexin commenced operations in 2008 as a startup company and was initially funded by a group of strategic and institutional investors, including Envest Ventures, Hollingsworth Capital, Archbrook Capital and management.
Alexin grew significantly in its first few years of existence, and while the Company maintained a good relationship with its existing bank group, its current credit facility was no longer adequate to support the Company’s needs
Alexin was facing a significant principal payment, plus the maturity of its credit facility in the near-term, and needed to arrange a new credit facility within 90 days
Alexin only had one year of historical cash flow coverage to adequately service the principal and interest payments on its new revolving credit facility and term loan request
Anderson LeNeave contacted numerous financial institutions and received 10 proposals
Anderson LeNeave originated and structured a $33.5 million senior secured credit facility with Bank of America Merrill Lynch in less than 90 days